Getting the Big Picture Right: Mixed Income Development and TOD March 7, 2017 Wilder Conference Center
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1 Getting the Big Picture Right: A series of conversations on Housing + Transit, Mixed Income Development and TOD March 7, 2017 Wilder Conference Center
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3 Strong markets / Soft markets Market rate financing Public / Tax credit financing Mixed Income Development Mixed Income Communities Housing options Jobs / Services Education Amenities
4 Small Group Discussion Questions: What key strategies should be emphasized to strengthen and sustain mixed income development and communities? What additional partners should be included in the conversation? What does success look like?
5 Presenters: Robin Snyderman, Brick Partners, LLC Nieeta Presley, Aurora Saint Anthony Neighborhood Development Corp. Tara Beard, Metropolitan Council Marie Franchett, City of Saint Paul, Dept. of Planning and Economic Development Ryan Cronk, Flaherty Collins
6 Getting the Big Picture Right: Mixed-Income Housing and TOD Robin Snyderman, Principal BRicK Partners March 7, 2017
7 Presentation Outline Local Leadership is the heart of the matter: (The difference between being at home and being housed is selfdetermination.) Nontraditional Stakeholders are critical to building successful mixed-income housing communities. Lessons from The Brookings Institution on the Changing Geography of Poverty Regional Mobility and Mixed-Income T.O.D. Housing Unique to the Twin Cities
8 BRicK Partners Focused on: Regional Housing and Community Development Strategies Building Capacity, Collaboration and Community Current Work: Consulting and Technical Assistance, Project Management, and Collaborative Management Local and national clients in the public and private sector
9 Building Successful Mixed-Income Communities Lessons learned from the Plan for Transformation? Developer Roundtables, Working Groups, and Public Forums: Community building in and around the site Employer engagement
10 Building Successful Mixed-Income Communities The logic is that concentrated poverty is a massive problem and we have to do something different. We can t keep warehousing the poor in dense, isolated developments. But that logic breaks down when you say the opposite, that integrating housing developments must be an improvement It takes more than just building new homes. What we learned is that by the time the development partners get to the phase of community building, they re just burned out Mark Joseph, Author, Integrating the Inner City: The Promise and Perils of Mixed-Income Public Housing Transformation
11 Building Successful Mixed-Income Communities Hopefully in 20 years, this time will be an inflection point where you began to see people be so much smarter about how they did this. We figured out how to build them, but building is not enough. Maybe in 20 years, mixed income will have gone to scale, with mixed income neighborhoods, not just developments, and mixed income will no longer be delineated by race and income so clearly. I still think there s room among well-meaning policy and practitioners to do this more effectively. Mark Joseph, Author, Integrating the Inner City: The Promise and Perils of Mixed-Income Public Housing Transformation
12 Confronting Suburban Poverty in Metropolitan Minneapolis-St. Paul 1 The geography of poverty and opportunity has changed 2 Current policies are not aligned with this new geography 3 We need a new agenda for metropolitan opportunity
13 Confronting Suburban Poverty in Metropolitan Minneapolis-St. Paul
14 This trend has played out in the Twin Cities region 250, ,000 Poor people 150, ,000 50, Minneapolis & St. Paul Suburbs Source: Brookings analysis of U.S. Census Bureau data 9
15 Brookings Ingredients for Success Achieve Scale Improve systems and networks Promote high performing organizations Support smart consolidation Collaborate and Integrate Identify and reduce barriers Reward collaborative approaches Catalyze regional capacity Fund Efficiently Commit to flexible, enterpriselevel funding Promote tools that leverage public and private resources Develop and maintain consistent, comparable data sources 10
16 Structure of a Supply-Side Regional Mobility Strategy Regional collaboration among Public Housing Authorities deploying Project Based Vouchers to increase and diversify housing options in priority areas. Particularly relevant for families with children, given latest research and fair housing priorities. Key partners would include Metropolitan Planning Organization, Housing Finance Agency, and regional mayors. 11
17 Unique to the Twin Cities Breadth and Depth of Regional Vision, Housing and Workforce Expertise Action-Oriented Collaboration Realizing Strategies for the Range of Opportunity Areas
18 Contact information: Robin Snyderman, 847/ , 13
19 MIXED-INCOME HOUSING City of Saint Paul
20 Policy on Affordability Mix 30% of new rental production units must be at or below 60% of median income. At least 10% must be at or below 30% of median income. At least 10% must be at or below 50% of median income.
21 West Side Flats Apartments
22 West Side Flats III Market rate building with 182 units Mixed-income building with 78% affordable and 22% market rate units Mixed-income building will be constructed to Passive House standards using cutting edge energy efficient design techniques.
23 West Side Flats Phase III Building A
24 West Side Flats Phase III Building B
25 2700 University Mixed-Income 80% Market Rate, 20% Affordable
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27 Project Analysis
28 Why do we pursue a mixed income project? City Requirement In-House Team to execute a mixed-income deal Brings are market rate & affordable groups together We see this as a growing trend in other markets As major markets rents continue to rise, mixed income projects will become more important. Great Real Estate IN between St. Paul & Minneapolis TOD (Green Line) Edge of Campus High Visibility
29 Ryan Cronk, Vice President of Development Flaherty & Collins Properties Obstacles in Completing the Project GAP Analysis w/ City of Saint Paul Financing Identify a Lender Identify an Investor Identify Other Soft Sources Appraisal (Light Rail Not Open) Financial Structure Condo (The way the project was done) One ownership 80% / 20%
30 Ryan Cronk, Vice President of Development Flaherty & Collins Properties Overcoming Project Obstacles/Hurdles Light Rail Opening City Clawbacks Condo Structure LISC Mezz. Debt National Equity Fund (NEF)
31 John Stern Attorney, Real Estate Development Winthrop & Weinstine Side-By-Side Deals, Integrated 198 Units Market Market Rate Capital Stack Stack BMO Construction / Mini- Perm Loan LISC Mezzanine Loan (w/ participation Metropolitan Council TOD Grant Owner Equity Deferred Fees Units Market Affordable Rate Capital Stack Stack BMO Construction / Perm A Bond Loan (through Compliance Period) Monetized TIF B Bond Saint Paul HRA Home funds Loan General Partner Loan LIHTC Equity Deferred Fees
32 Project Feasibility WHAT DOES IT TAKE TO MAKE A PROJECT LIKE THIS HAPPEN?
33 LOTS OF Project Partners
34 Uniqueness of the Project Mixed-Income: 20% / 80% - 50% AMI Transit-Oriented Development (TOD) on Green Line Main & Main but not Main & Main LEED Project Labor Agreement & Economic Inclusion Goals Parking Less than 1 per unit Project Financing Team Ryan Cronk, Vice President of Development Flaherty & Collins Properties
35 Ryan Cronk, Vice President of Development Flaherty & Collins Properties Features & Amenities 1 st Floor Bar / Coffee Shop High- Speed Wi- Fi Throughout 1,400 sq. ft. Fitness Center w/ Matrix Equipment & Yoga Studio Matrix MyRide + Group Cycling Resort- Style Saltwater Pool w/ Wet Deck 20,000 sq. ft. Courtyard Outdoor Living Room w/ Fire Pits, Commercial Grade Grills & Outdoor Furniture 1,600 sq. ft. Bark Park w/ Dog Park Express Course (Water & Waste Stations) Underground Parking Bike Storage w/ Repair Tools Green Line Light Rail Access LED Lighting Oversized Flat Slab Kitchen Cabinets w/ Custom Hardware Oversized Energy Efficient Windows Front Load Full- Size Energy Star Washers & Dryers Nest Thermostats Quartz Thermostats Frameless Shower Doors Recessed & Decorative Patios and/or Balconies Select Walk- up / 2- Level Unit Townhomes w/ Urban Designs
36 Sources & Use of Funds USES OF FUNDS Total Affordable Market Rate To Purchase Land $3,500,000 $770,000 $2,730,000 Total Construction Budget $37,279,423 $9,121,871 $28,157,552 Architectural & Engineering 1,550, ,000 1,270,000 Construction Period Costs Real Estate Attorney 606,000 59, ,000 Title, Recording & Lender Inspections 180,805 41, ,120 Construction Interest - A 1,041,744-1,041,744 Construction Interest - B 217, ,524 - TIF Interest & LISC Interest 2,016, ,928 1,060,000 Bond Cost 450, ,475 - Finance Fee 408,648 54, ,648 Furnishings and Equipment 400, ,000 Other Period / Costs 2,430,869 1,087,650 1,343,219 Development Contingency 1,236, , ,130 Total Development Cost $51,318,638 $13,495,227 $37,823,412 Developer Overhead $3,633,346 $1,742,175 $1,891,171 TOTAL USES $54,951,984 $15,237,402 $39,714,582 SOURCES OF FUNDS Total Affordable Market Tax Exempt Bonds 12.16% $6,679,628 $6,679,628 $0 Construction Loan / Market 50.95% $28,000,000 $0 $28,000,000 Construction / Perm Affordable 2.98% $1,640,000 $1,640,000 $0 Interim Income 0.00% $0 $0 $0 Tax Credit Equity 8.46% $4,646,252 $4,646,252 $0 LISC 11.39% $6,260,000 $0 $6,260,000 HOME Funds 1.82% $1,000,000 $1,000,000 $0 TOD Grant 3.54% $1,944,774 $0 $1,944,774 General Partner Loan 1.73% $951,878 $951,878 $0 Developer Cash Contribution 2.73% $1,500,000 $0 $1,500,000 Deferred Fees 4.24% $2,329,452 $319,644 $2,009,808 TOTAL SOURCES $54,951,984 $15,237,402 $39,714,582
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42 What Could Make Future Projects Better & Easier 9% Tax Credits vs. 4% Credits Publically Owned Land that can be contributed City provide Credit Enhancement to make TIF Bond less Expensive Finance without condominium structure It s Early We will have more information on this in the future!
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45 Questions? Ryan Cronk
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